The expert called bitcoin more scarce in comparison with gold

For 6,000 years, gold was in short supply, but with the transition to the industrial era, its production increased. This underlines the uniqueness of the bitcoin that passed through the fourth halving, said Willy Wu, analyst and co-founder of CMCC Crest.

Gold production going to the moon as technology gets better. Gold has had 6000 years of being scarce. That changed as we moved into the industrial age.#Bitcoin supply growth dropped below gold this week, it's only get scarcer.

Yup, this fundamental premise of S2F valuation. pic.twitter.com/8wBR140c06

— Willy Woo (@woonomic) April 22, 2024

According to the expert, the improvement of technology has allowed to increase the extraction of precious metal. He gave a graph of the growth of the global supply of the asset (in metric tons):

2009 -> 165 0002010 -> 168 0002011 -> 171 0002012 -> 173 0002013 -> 176 0002014 -> 179 0002015 -> 182 0002016 -> 185 0002017 -> 189 0002018 -> 192 0002019 -> 195 0002020 -> 198 0002021 -> 201 0002022 -> 204 0002023 -> 207 000

In his opinion, these values strengthen the foundations of bitcoin's S2F model. He posted a chart of the long-term profitability of the first cryptocurrency in comparison with gold and stocks.

"If you are young, you cannot afford not to invest in bitcoin. Real inflation is 10-15%, according to Shadow Stats," Wu stressed.

The expert explained that exponentially growing technologies are creating deflation. Due to the printing press, it is converted into inflation at an annual rate of 2%.

"With a global GDP of $100 trillion, this is the largest robbery on the planet. Now the bankers want to set a higher bar for theft," the specialist concluded.

Recall that the PlanB analyst stated that the current halving cycle is no different from the previous ones. In 2024, he expects bitcoin at $100,000, and at its peak next year at $300,000. 

Earlier, Glassnode conducted a retrospective of halving the rewards for miners in terms of price and fundamental network metrics of the first cryptocurrency.

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